- Sales of $682 million grew 31% as reported and 27% in constant
currency
- GAAP EPS of $2.69; non-GAAP EPS of $2.60, a 24% increase from
prior year
- Broad-based commercial momentum in pharmaceutical and
industrial end markets
- Continued strength in core and new product instrument and
chemistry sales
- Strong and balanced customer demand across key regions and
geographies
Waters Corporation (NYSE: WAT) today announced second quarter
2021 sales of $682 million, a 31% increase as reported, compared to
sales of $520 million for the second quarter of 2020. Foreign
currency translation benefited sales growth by approximately 4% for
the quarter.
On a GAAP basis, diluted earnings per share (EPS) for the second
quarter of 2021 increased to $2.69, compared to $1.98 for the
second quarter of 2020. On a non-GAAP basis, EPS increased to
$2.60, compared to $2.10 for the second quarter of 2020. A
description and reconciliation of GAAP to non-GAAP results appear
in the tables below and can be found on the Company’s website
www.waters.com in the Investor Relations section.
On a GAAP basis, net cash provided by operating activities was
$143 million for the second quarter of 2021, compared to $199
million for the second quarter of 2020. On a non-GAAP basis,
adjusted free cash flow for the second quarter of 2021 was $155
million versus $175 million for the second quarter of 2020.
For the first half of 2021, the Company’s sales were $1,290
million, an increase of 31% as reported, compared to sales of $985
million for the first half of 2020. Foreign currency translation
benefited sales growth by approximately 4% for the first half of
2021.
On a GAAP basis, EPS for the first half of 2021 increased to
$5.05, compared to $2.83 for the first half of 2020. On a non-GAAP
basis, EPS increased to $4.89, compared to $3.25 in the first half
of 2020.
On a GAAP basis, net cash provided by operating activities was
$361 million for the first half of 2021, compared to $350 million
for the first half of 2020. On a non-GAAP basis, adjusted free cash
flow for the first half of 2021 was $348 million versus $296
million for the first half of 2020.
“We are very pleased with the commercial momentum we are
building, thanks to the solid execution of the Waters team and
accelerated progress against our transformation initiatives,” said
Dr. Udit Batra, President and Chief Executive Officer of Waters
Corporation. “Our second quarter results were led by strong growth
in our pharma and industrial end markets. Continued market
strength, combined with our solid execution, resulted in
double-digit growth in instrument and chemistry sales, with total
sales increasing across every region. We have built a strong team
of proven leaders committed to a common vision and continued
execution as we work to more closely align our portfolio with
higher growth areas.”
Unless otherwise noted, sales growth and decline percentages are
presented on an as-reported basis and are the same as the sales
growth and decline percentages presented on a constant-currency
basis as compared with the same period in the prior year, each of
which is detailed in the reconciliation of sales growth rates to
constant-currency growth rates in the tables below.
During the second quarter of 2021, sales into the pharmaceutical
market increased 34% as reported and 31% in constant currency,
sales into the industrial market increased 33% as reported and 28%
in constant currency and sales into the academic and government
markets increased 10% as reported and 7% in constant currency. For
the first half of 2021, sales into the pharmaceutical market
increased 33% as reported and 29% in constant currency, sales into
the industrial market increased 31% as reported and 26% in constant
currency and sales into the academic and government markets
increased 20% as reported and 17% in constant currency.
During the second quarter, recurring revenues, which represent
the combination of service and precision chemistries revenues,
increased 22% as reported and 18% in constant currency, while
instrument system sales increased 43% as reported and 40% in
constant currency. For the first half of 2021, recurring revenues
increased 21% as reported and 17% in constant currency, while
instrument system sales increased 46% as reported and 42% in
constant currency.
Geographically, sales in Asia during the quarter increased 30%
as reported and 28% in constant currency, sales in the Americas
increased 29% as reported and 28% in constant currency (with U.S.
sales growing 26%) and sales in Europe increased 36% as reported
and 25% in constant currency. For the first half of 2021, sales in
Asia increased 36% as reported and 34% in constant currency, sales
in the Americas increased 22% as reported and 21% in constant
currency (with U.S. sales growing 19%) and sales in Europe
increased 36% as reported and 25% in constant currency.
Third Quarter and Fiscal Year 2021 Financial Outlook
The Company expects full-year 2021 constant-currency sales
growth in the range of 13% to 15%. Currency translation is expected
to increase full-year sales growth by one to two percentage points.
The Company also expects full-year 2021 non-GAAP EPS in the range
of $10.50 to $10.70. Please refer to the tables below for a
reconciliation of the projected GAAP to non-GAAP financial outlook
for the full-year.
The Company expects third quarter 2021 constant-currency sales
growth in the range of 7% to 9%. Currency translation is expected
to increase third quarter sales growth by approximately one
percentage point. The Company also expects third quarter 2021
non-GAAP EPS in the range of $2.25 to $2.35. Please refer to the
tables below for a reconciliation of the projected GAAP to non-GAAP
financial outlook for the third quarter.
Conference Call
Waters Corporation will webcast its second quarter 2021
financial results conference call today, August 3, 2021 at 8:00
a.m. Eastern Time. To listen to the call and see the accompanying
slide presentation, please visit www.waters.com, select “Investors”
under the “About Waters” section, navigate to “Events &
Presentations,” and click on the “Webcast.” A replay will be
available through August 10, 2021 at midnight Eastern Time on the
same website by webcast and also by phone at (888) 566-0486.
About Waters Corporation
Waters Corporation (NYSE: WAT), the world's leading specialty
measurement company, has pioneered chromatography, mass
spectrometry and thermal analysis innovations serving the life,
materials and food sciences for more than 60 years. With more than
7,400 employees worldwide, Waters operates directly in 35
countries, including 14 manufacturing facilities, and with products
available in more than 100 countries. For more information, visit
www.waters.com.
Non-GAAP Financial Measures
This press release contains financial measures, such as
constant-currency growth rate, adjusted operating income, adjusted
net income, adjusted earnings per diluted share and adjusted free
cash flow, among others, which are considered “non-GAAP” financial
measures under applicable U.S. Securities and Exchange Commission
rules and regulations. These non-GAAP financial measures should be
considered supplemental to, and not a substitute for, financial
information prepared in accordance with U.S. generally accepted
accounting principles (GAAP). The Company’s definitions of these
non-GAAP measures may differ from similarly titled measures used by
others. The non-GAAP financial measures used in this press release
adjust for specified items that can be highly variable or difficult
to predict. The Company generally uses these non-GAAP financial
measures to facilitate management’s financial and operational
decision-making, including evaluation of the Company’s historical
operating results, comparison to competitors’ operating results and
determination of management incentive compensation. These non-GAAP
financial measures reflect an additional way of viewing aspects of
the Company’s operations that, when viewed with GAAP results and
the reconciliations to corresponding GAAP financial measures, may
provide a more complete understanding of factors and trends
affecting the Company’s business. Because non-GAAP financial
measures exclude the effect of items that will increase or decrease
the Company’s reported results of operations, management strongly
encourages investors to review the Company’s consolidated financial
statements and publicly filed reports in their entirety.
Reconciliations of the non-GAAP financial measures to the most
directly comparable GAAP financial measures are included in the
tables accompanying this release.
Cautionary Statement
This release contains “forward-looking” statements regarding
future results and events. For this purpose, any statements that
are not statements of historical fact may be deemed forward-looking
statements. Without limiting the foregoing, the words “feels”,
“believes”, “anticipates”, “plans”, “expects”, “intends”,
“suggests”, “appears”, “estimates”, “projects” and similar
expressions, whether in the negative or affirmative, are intended
to identify forward-looking statements. The Company’s actual future
results may differ significantly from the results discussed in the
forward-looking statements within this release for a variety of
reasons, including and without limitation, risks related to the
effects of the ongoing COVID-19 pandemic on our business, financial
condition, results of operations and prospects, including: portions
of our global workforce being unable to work fully and/or
effectively due to working remotely, illness, quarantines,
government actions, facility closures or other reasons related to
the pandemic, increased risks of cyber-attacks resulting from our
temporary remote working model, disruptions in our manufacturing
capabilities or to our supply chain, volatility and uncertainty in
global capital markets limiting our ability to access capital,
customers being unable to make timely payments for purchases and
volatility in demand for our products; foreign exchange rate
fluctuations potentially affecting translation of the Company’s
future non-U.S. operating results; the impact on demand for the
Company’s products among the Company’s various market sectors or
geographies from economic, sovereign and political uncertainties,
particularly regarding the effect of new or proposed tariff or
trade regulations or changes in the interpretation or enforcement
of existing regulations; the effect on the Company’s financial
results from the United Kingdom exiting the European Union;
fluctuations in expenditures by the Company’s customers, in
particular large pharmaceutical companies; introduction of
competing products by other companies and loss of market share;
pressures on prices from competitors and/or customers; regulatory,
economic and competitive obstacles to new product introductions;
other changes in demand for the Company’s products from the effect
of mergers and acquisitions by the Company’s customers; increased
regulatory burdens as the Company’s business evolves, especially
with respect to the U.S. Food and Drug Administration and U.S.
Environmental Protection Agency, among others; shifts in taxable
income in jurisdictions with different effective tax rates; the
outcome of tax examinations or changes in respective country
legislation affecting the Company’s effective tax rate; the effect
of the adoption of new accounting standards; the ability to access
capital, maintain liquidity and service the Company’s debt in
volatile market conditions, particularly in the U.S., as a large
portion of the Company’s cash is held and operating cash flows are
generated outside the U.S.; environmental and logistical obstacles
affecting the distribution of products and risks associated with
lawsuits and other legal actions, particularly involving claims for
infringement of patents and other intellectual property rights.
Such factors and others are discussed more fully in the sections
entitled “Forward-Looking Statements” and “Risk Factors” of the
Company’s annual report on Form 10-K for the year ended December
31, 2020, as well as in the sections entitled “Special Note
Regarding Forward-Looking Statements” and “Risk Factors” of the
Company’s quarterly report on Form 10-Q for the quarterly period
ended April 3, 2021, as filed with the Securities and Exchange
Commission (“SEC”), which discussions are incorporated by reference
in this release, as updated by the Company’s future filings with
the SEC. The forward-looking statements included in this release
represent the Company’s estimates or views as of the date of this
release and should not be relied upon as representing the Company’s
estimates or views as of any date subsequent to the date of this
release. Except as required by law, the Company does not assume any
obligation to update any forward-looking statements.
Waters Corporation and Subsidiaries Consolidated
Statements of Operations (In thousands, except per share
data) (Unaudited) Three Months
Ended Six Months Ended July 3, 2021 June 27,
2020 July 3, 2021 June 27, 2020 Net sales
$
681,647
$
519,984
$
1,290,192
$
984,923
Costs and operating expenses: Cost of sales
280,254
213,134
534,401
423,778
Selling and administrative expenses
158,213
117,449
301,409
265,184
Research and development expenses
44,949
31,155
83,041
66,144
Purchased intangibles amortization
1,809
2,618
3,649
5,243
Litigation provision
-
514
-
1,180
Operating income
196,422
155,114
367,692
223,394
Other income (expense), net (a)
9,321
(736
)
18,680
(1,110
)
Interest expense, net
(8,329
)
(9,015
)
(15,174
)
(19,058
)
Income from operations before income taxes
197,414
145,363
371,198
203,226
Provision for income taxes
30,122
22,434
55,779
26,735
Net income
$
167,292
$
122,929
$
315,419
$
176,491
Net income per basic common share
$
2.71
$
1.98
$
5.09
$
2.84
Weighted-average number of basic common shares
61,685
61,944
61,979
62,085
Net income per diluted common share
$
2.69
$
1.98
$
5.05
$
2.83
Weighted-average number of diluted common shares and
equivalents
62,157
62,184
62,435
62,404
(a) During the three and six months ended July 3, 2021, the
Company executed a settlement agreement to resolve patent
infringement litigation with Bruker Corporation and Bruker
Daltronik GmbH regarding their timsTOF product line. In connection
with the settlement, the Company is entitled to receive $10 million
in guaranteed payments, including minimum royalty payments, which
was recognized within Other income (expense), net in our
consolidated statement of operations. During the six months ended
July 3, 2021, the Company recorded an unrealized gain of $10
million due to an observable change in the fair value of an
existing investment the Company does not have the ability to
exercise significant influence over.
Waters Corporation
and Subsidiaries Reconciliation of GAAP to Adjusted
Non-GAAP Net Sales by Operating Segments, Products &
Services, Geography and Markets Three Months Ended July 3,
2021 and June 27, 2020 (In thousands) Current
Period Constant Three Months Ended
Percent Currency Currency July 3, 2021
June 27, 2020 Change Impact Growth Rate
(a) NET SALES - OPERATING SEGMENTS Waters $
607,324
$
465,709
30
%
$
17,199
27
%
TA
74,323
54,275
37
%
2,440
32
%
Total $
681,647
$
519,984
31
%
$
19,639
27
%
NET SALES - PRODUCTS & SERVICES
Instruments $
314,496
$
219,815
43
%
$
5,970
40
%
Service
240,692
205,064
17
%
8,910
13
%
Chemistry
126,459
95,105
33
%
4,759
28
%
Total Recurring
367,151
300,169
22
%
13,669
18
%
Total $
681,647
$
519,984
31
%
$
19,639
27
%
NET SALES - GEOGRAPHY Asia $
269,947
$
208,209
30
%
$
2,946
28
%
Americas
224,894
174,782
29
%
1,019
28
%
Europe
186,806
136,993
36
%
15,674
25
%
Total $
681,647
$
519,984
31
%
$
19,639
27
%
NET SALES - MARKETS Pharmaceutical $
416,705
$
311,018
34
%
$
10,572
31
%
Industrial
202,579
152,110
33
%
7,288
28
%
Academic & Government
62,363
56,856
10
%
1,779
7
%
Total $
681,647
$
519,984
31
%
$
19,639
27
%
NET SALES - EXCLUDING CHINA Total Net Sales $
681,647
$
519,984
31
%
$
19,639
27
%
China Net Sales
127,225
89,816
42
%
4,069
37
%
Total Net Sales Excluding China $
554,422
$
430,168
29
%
$
15,570
25
%
(a) The Company believes that referring to comparable
constant-currency growth rates is a useful way to evaluate the
underlying performance of Waters Corporation's net sales.
Constant-currency growth rate, a non-GAAP financial measure,
measures the change in net sales between current and prior year
periods, ignoring the impact of foreign currency exchange rates
during the current period. See description of non-GAAP financial
measures contained in this release.
Waters Corporation
and Subsidiaries Reconciliation of GAAP to Adjusted
Non-GAAP Net Sales by Operating Segments, Products &
Services, Geography and Markets Six Months Ended July 3,
2021 and June 27, 2020 (In thousands) Current
Period Constant Six Months Ended
Percent Currency Currency July 3, 2021
June 27, 2020 Change Impact Growth Rate
(a) NET SALES - OPERATING SEGMENTS Waters $
1,149,202
$
879,920
31
%
$
35,220
27
%
TA
140,990
105,003
34
%
4,257
30
%
Total $
1,290,192
$
984,923
31
%
$
39,477
27
%
NET SALES - PRODUCTS & SERVICES
Instruments $
577,544
$
396,753
46
%
$
12,904
42
%
Service
467,215
395,820
18
%
17,634
14
%
Chemistry
245,433
192,350
28
%
8,939
23
%
Total Recurring
712,648
588,170
21
%
26,573
17
%
Total $
1,290,192
$
984,923
31
%
$
39,477
27
%
NET SALES - GEOGRAPHY Asia $
499,489
$
367,289
36
%
$
8,043
34
%
Americas
422,251
346,958
22
%
1,476
21
%
Europe
368,452
270,676
36
%
29,958
25
%
Total $
1,290,192
$
984,923
31
%
$
39,477
27
%
NET SALES - MARKETS Pharmaceutical $
776,853
$
583,581
33
%
$
22,362
29
%
Industrial
385,852
295,464
31
%
13,264
26
%
Academic & Government
127,487
105,878
20
%
3,851
17
%
Total $
1,290,192
$
984,923
31
%
$
39,477
27
%
NET SALES - EXCLUDING CHINA Total Net Sales $
1,290,192
$
984,923
31
%
$
39,477
27
%
China Net Sales
230,144
137,047
68
%
8,095
62
%
Total Net Sales Excluding China $
1,060,048
$
847,876
25
%
$
31,382
21
%
(a) The Company believes that referring to comparable
constant-currency growth rates is a useful way to evaluate the
underlying performance of Waters Corporation's net sales.
Constant-currency growth rate, a non-GAAP financial measure,
measures the change in net sales between current and prior year
periods, ignoring the impact of foreign currency exchange rates
during the current period. See description of non-GAAP financial
measures contained in this release.
Waters Corporation and
Subsidiaries Reconciliation of GAAP to Adjusted Non-GAAP
Financials Three and Six Months Ended July 3, 2021 and June
27, 2020 (In thousands, except per share data)
Income from Operations Selling &
Operating Other before Provision for
Diluted Administrative Operating Income
Income Income Income Net
Earnings Expenses(a) Income Percentage
(Expense) Taxes Taxes Income per
Share Three Months Ended July 3, 2021 GAAP
$
160,022
$
196,422
28.8
%
$
9,321
$
197,414
$
30,122
$
167,292
$
2.69
Adjustments: Purchased intangibles amortization (b)
(1,809
)
1,809
0.3
%
-
1,809
411
1,398
0.02
Restructuring costs and certain other items (c)
(614
)
614
0.1
%
-
614
44
570
0.01
Litigation settlement (d)
-
-
-
(10,083
)
(10,083
)
(1,916
)
(8,167
)
(0.13
)
Certain income tax items (e)
-
-
-
-
-
(594
)
594
0.01
Adjusted Non-GAAP $
157,599
$
198,845
29.2
%
$
(762
)
$
189,754
$
28,067
$
161,687
$
2.60
Three Months Ended June 27, 2020 GAAP $
120,581
$
155,114
29.8
%
$
(736
)
$
145,363
$
22,434
$
122,929
$
1.98
Adjustments: Purchased intangibles amortization (b)
(2,618
)
2,618
0.5
%
-
2,618
515
2,103
0.03
Restructuring costs and certain other items (c)
(5,763
)
5,763
1.1
%
(152
)
5,611
1,084
4,527
0.07
Litigation provision (d)
(514
)
514
0.1
%
-
514
123
391
0.01
Certain income tax items (e)
-
-
-
-
-
(507
)
507
0.01
Adjusted Non-GAAP $
111,686
$
164,009
31.5
%
$
(888
)
$
154,106
$
23,649
$
130,457
$
2.10
Six Months Ended July 3, 2021 GAAP $
305,058
$
367,692
28.5
%
$
18,680
$
371,198
$
55,779
$
315,419
$
5.05
Adjustments: Purchased intangibles amortization (b)
(3,649
)
3,649
0.3
%
-
3,649
825
2,824
0.05
Restructuring costs and certain other items (c)
(1,484
)
1,484
0.1
%
(9,707
)
(8,223
)
(2,076
)
(6,147
)
(0.10
)
Litigation settlement (d)
-
-
-
(10,083
)
(10,083
)
(1,916
)
(8,167
)
(0.13
)
Certain income tax items (e)
-
-
-
-
-
(1,144
)
1,144
0.02
Adjusted Non-GAAP $
299,925
$
372,825
28.9
%
$
(1,110
)
$
356,541
$
51,468
$
305,073
$
4.89
Six Months Ended June 27, 2020 GAAP $
271,607
$
223,394
22.7
%
$
(1,110
)
$
203,226
$
26,735
$
176,491
$
2.83
Adjustments: Purchased intangibles amortization (b)
(5,243
)
5,243
0.5
%
-
5,243
1,037
4,206
0.07
Restructuring costs and certain other items (c)
(26,283
)
26,283
2.7
%
(461
)
25,822
5,681
20,141
0.32
Litigation provision (d)
(1,180
)
1,180
0.1
%
-
1,180
283
897
0.01
Certain income tax items (e)
-
-
-
-
-
(882
)
882
0.01
Adjusted Non-GAAP $
238,901
$
256,100
26.0
%
$
(1,571
)
$
235,471
$
32,854
$
202,617
$
3.25
(a) Selling & administrative expenses include
purchased intangibles amortization, litigation provisions and
settlements and asset impairments. (b) The purchased intangibles
amortization, a non-cash expense, was excluded to be consistent
with how management evaluates the performance of its core business
against historical operating results and the operating results of
competitors over periods of time. (c) Restructuring costs, mergers
and acquisition costs and certain other items were excluded as the
Company believes that the cost to consolidate operations, reduce
overhead, acquire companies and certain other income or expense
items are not normal and do not represent future ongoing business
expenses of a specific function or geographic location of the
Company. (d) Litigation settlement gains and provisions were
excluded as these items are isolated, unpredictable and not
expected to recur regularly. (e) Certain income tax items were
excluded as these non-cash expenses and benefits represent updates
in management's assessment of ongoing examinations or other tax
items that are not indicative of the Company’s normal or future
income tax expense.
Waters Corporation and Subsidiaries
Preliminary Condensed Unclassified Consolidated Balance
Sheets (In thousands and unaudited)
July 3, 2021 December 31, 2020 Cash, cash
equivalents and investments
$
663,622
$
443,146
Accounts receivable
543,072
573,316
Inventories
348,770
304,281
Property, plant and equipment, net
527,135
494,003
Intangible assets, net
246,836
258,645
Goodwill
439,826
444,362
Other assets
334,386
322,167
Total assets
$
3,103,647
$
2,839,920
Notes payable and debt
$
1,603,367
$
1,356,515
Other liabilities
1,232,007
1,251,261
Total liabilities
2,835,374
2,607,776
Total stockholders' equity
268,273
232,144
Total liabilities and stockholders' equity
$
3,103,647
$
2,839,920
Waters Corporation and Subsidiaries Preliminary Condensed
Consolidated Statements of Cash Flows Three and Six Months
Ended July 3, 2021 and June 27, 2020 (In thousands and
unaudited) Three Months Ended Six Months
Ended July 3, 2021 June 27, 2020 July 3,
2021 June 27, 2020 Cash flows from operating
activities: Net income
$
167,292
$
122,929
$
315,419
$
176,491
Adjustments to reconcile net income to net cash provided by
operating activities: Stock-based compensation
7,291
8,926
15,596
18,122
Depreciation and amortization
33,387
31,015
64,743
60,203
Change in operating assets and liabilities, net
(64,930
)
35,941
(34,314
)
95,630
Net cash provided by operating activities
143,040
198,811
361,444
350,446
Cash flows from investing activities: Additions to property,
plant, equipment and software capitalization
(37,386
)
(45,899
)
(76,889
)
(97,029
)
Business acquisitions, net of cash acquired
-
-
-
(76,664
)
Investment in unaffiliated companies
-
(3,350
)
-
(3,350
)
Payments for intellectual property licenses
(7,000
)
-
(7,000
)
-
Net change in investments
(77,716
)
(12,911
)
(197,217
)
(15,292
)
Net cash used in investing activities
(122,102
)
(62,160
)
(281,106
)
(192,335
)
Cash flows from financing activities: Net change in debt
(100,000
)
(200,000
)
246,363
14,634
Proceeds from stock plans
28,741
2,996
45,036
14,739
Purchases of treasury shares
(168,202
)
(71
)
(341,507
)
(196,297
)
Other cash flow from financing activities, net
2,495
4,791
1,917
7,558
Net cash used in financing activities
(236,966
)
(192,284
)
(48,191
)
(159,366
)
Effect of exchange rate changes on cash and cash equivalents
(7,699
)
4,608
(8,786
)
4,576
(Decrease) increase in cash and cash equivalents
(223,727
)
(51,025
)
23,361
3,321
Cash and cash equivalents at beginning of period
683,783
390,061
436,695
335,715
Cash and cash equivalents at end of period
$
460,056
$
339,036
$
460,056
$
339,036
Reconciliation of GAAP Cash Flows from
Operating Activities to Free Cash Flow (a) Net
cash provided by operating activities - GAAP
$
143,040
$
198,811
$
361,444
$
350,446
Adjustments: Additions to property, plant, equipment and
software capitalization
(37,386
)
(45,899
)
(76,889
)
(97,029
) Tax reform payments
38,454
-
38,454
-
Litigation settlement received
(3,367
)
-
(3,367
)
-
Major facility renovations
13,795
22,524
28,285
43,067
Free Cash Flow - Adjusted Non-GAAP
$
154,536
$
175,436
$
347,927
$
296,484
(a) The Company defines free cash flow as net cash flow from
operations accounted for under GAAP less capital expenditures and
software capitalizations plus or minus any unusual and non
recurring items. Free cash flow is not a GAAP measurement and may
not be comparable to free cash flow reported by other companies.
Waters Corporation and Subsidiaries Reconciliation
of Projected GAAP to Adjusted Non-GAAP Financial Outlook
Three Months Ended Twelve Months Ended
October 2, 2021 December 31, 2021 Range
Range Projected Sales Projected
constant-currency sales growth rate (a)
7%
-
9%
13%
-
15%
Projected currency impact
1%
-
1%
1%
-
2%
Projected sales growth rate as reported
8%
-
10%
14%
-
17%
Projected Earnings Per Diluted Share
Range Range Projected GAAP earnings per
diluted share
$
2.22
-
$
2.32
$
10.60
-
$
10.80
Adjustments: Purchased intangibles amortization
$
0.02
-
$
0.02
$
0.09
-
$
0.09
Restructuring costs and certain other items
$
-
-
$
-
$
(0.10
)
-
$
(0.10
)
Litigation settlement
$
-
-
$
-
$
(0.13
)
-
$
(0.13
)
Certain income tax items
$
0.01
-
$
0.01
$
0.04
-
$
0.04
Projected adjusted non-GAAP earnings per diluted share
$
2.25
-
$
2.35
$
10.50
-
$
10.70
(a) Constant-currency growth rates are a non-GAAP financial
measure that measures the change in net sales between current and
prior year periods, ignoring the impact of foreign currency
exchange rates during the current period. These amounts are
estimated at the current foreign currency exchange rates and based
on the forecasted geographical sales in local currency, as well as
an assessment of market conditions as of today, and may differ
significantly from actual results. These forward-looking
adjustment estimates do not reflect future gains and charges that
are inherently difficult to predict and estimate due to their
unknown timing, effect and/or significance.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210803005186/en/
John Lynch, Vice President, Treasurer – (508) 482-2314 Caspar
Tudor, Manager, Investor Relations – (508) 482-2429
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